The Delhi and Mumbai teams of the Enforcement Directorate (ED) on Monday visited the office of Indiabulls Housing Finance Limited at Prabhadevi in Mumbai to carry out searches with regards to the money laundering case of last year.
The Indiabulls officials, however, prevented the ED team from carrying out any action and informed them that Indiabulls had got a stay from the Bombay High Court (HC) in the case and in addition, they have got a fresh injunction from the Delhi HC on Monday.
An official from the IndiaBulls told the Free Press Journal, "ED team had come to investigate Indiabulls books based on an FIR filed in Palghar last year. In that case, Indiabulls had got a stay from the Bombay HC. In addition, they have got a fresh injunction from Delhi HC today directing the ED to not take any coercive action against Indiabulls, pursuant to the Enforcement Case Information Report (ECIR)."
"We wish to inform that the Enforcement Directorate has sought some information regarding certain clients and the matter originates from ECIR No. 07/HUI/2021 filed by ED based on an FIR lodged in village Wada, Palghar in April 2021. The Company and its officials have provided the data of clients to the Enforcement Directorate," Indiabulls said in a statement to the National Stock Exchange on Monday.
The ED had registered an ECIR under the provisions of Prevention of Money Laundering Act, 2002 (PMLA) in April last year, based on an FIR filed by the Palghar police Indiabulls Housing Finance for allegedly siphoning off funds and for accounting irregularities committed by the promoters and directors of the company between 2014-2020.
The Bombay High Court had later stayed the Palghar police probe saying that the complaint on which the case was filed “appeared to be malafide and deficient”.
